Key facts
- Average petrol prices in the UK have reached 161.6p per litre.
- Average diesel prices in the UK have reached 183.4p per litre.
- These are the highest petrol prices recorded since November 2022.
- Millions of motorists are expected to travel during the upcoming bank holiday weekend.
- Wholesale oil costs are increasing due to geopolitical tensions.
UK petrol prices have surged to their highest point in nearly four years, reaching an average of 161.6p per litre, while diesel stands at 183.4p per litre. This marks the highest petrol price since November 2022, a period that saw prices rise sharply following Russia's invasion of Ukraine. The increase comes as millions of Britons prepare for car journeys over the upcoming bank holiday weekend, with the RAC forecasting potentially record-breaking traffic on motorways and major roads.
Luke Bosdet from the AA described the current UK pump pricing as "back to its worst," suggesting it is often overpriced and uncompetitive, leaving many communities without reasonably priced fuel. The UK's competition regulator, the Competition and Markets Authority (CMA), has intensified its monitoring of pump prices this year due to concerns about profiteering, exacerbated by rising wholesale costs linked to the conflict between the US and Iran. Brent crude, the international oil benchmark, has seen significant volatility, trading around $72 a barrel before a February attack on Iran, peaking at $126 in April, and currently trading at $89.63.
The CMA previously found that many petrol stations were slow to pass on decreases in wholesale energy prices to consumers. Initiatives like the government's Fuel Finder service aim to help drivers compare prices, with the AA noting that some stations offer prices approximately 10p per litre lower than the national average in areas like Aylesbury, Wembley, and Gloucester. A single competitively priced forecourt can influence local prices, including those at nearby supermarkets.